New Delhi, May 15 : In the first reduction in more than seven months, state-owned oil companies today cut jet fuel price by over 2.9 per cent after international oil rates cooled off from two-year high.
Oil companies reduced ATF (air turbine fuel) price by Rs 1,766 per kilolitre or 2.9 per cent, to Rs 58,794 per kilolitre in Delhi, an official of Indian Oil Corporation said here, adding prices are effective from midnight tonight.
In Mumbai, ATF price has been reduced by Rs 1,827 to Rs 59,602 per kilolitre, the official said.
The reduction in ATF price has come after 14 successive hikes since October, 2010, when international crude oil prices started soaring.
The ATF price in Delhi on October 1, 2010 was Rs 40,728.52 per kl. The rates were increased by Rs 19,831.48 per kl, or 48.7 per cent till April 30, when last price hike was announced. PTI